APR temporarily dropped to help me maintain payments, will it effect credt rating?

WLITC

YorkshireBoy wrote: »

Why speculate/guess/assume/think/etc when you've already been given the best advice (see CLAPTON's post #7, last para). Spend £2 (or grab a free 30-day free trial) and find out for certain!If you had told me you were struggling, and I'd helped you as a result, I wouldn't be too impressed that you continued to spend more. That said, you could always argue that you weren't aware of this new condition.

Well I was just going to ring MBNA on Monday and ask (dept is only open mon-fri) if they've AP'd my account. As long as they tell me one way or the other, then I don't need to check my report. However, I would have done the free trail to get that info today, but I've done it back in May this year, so I don't quaify for the free trail and have to pay £6.99 for 30 days.

As for the spending on the card. They didn't specify I couldnt spend and I only used in 3 times in the last 4 months (two train tickets last month and shoes yesterday) and in total is prob less than £100. It wasn't even mentioned when I spoke to them to extend this until March 2010 on Thu. The first and only mention about not using the card was in the letter than arrived today and only £20 will have cleared through the card since I spoke to them on Thu.

YorkshireBoy

welshladinthecity wrote: »

As long as they tell me one way or the other, then I don't need to check my report.

I think that'd be a big mistake, but it's entirely your prerogative.

I'm backing out now because you're asking for advice, and getting it, yet then ignoring it.

Best of luck!

WLITC

YorkshireBoy wrote: »

I think that'd be a big mistake, but it's entirely your prerogative.

I'm backing out now because you're asking for advice, and getting it, yet then ignoring it.

Best of luck!

Sorry, didn't think I was I ignorning people's advice. As I said, I cant do the free 30 day trial because I've previously used it so I'd have to pay £7. I appreciate the £2 option, but that takes a few weeks and my logic for not bothering getting a report if I speak to MBNA/Virgin on Monday is that I would only be looking at the report to see if MBNA have AP my account.
I last checked my credit file in June and there is no reason to suggest anything else would be an issue as everything has been paid on time up to and since that date. If MBNA tell me my account has NOT been flagged as AP then why do I need to bother checking? Equally, if they say the account HAS been AP, then getting a credit report will just confirm that.

Moggles_2

If MBNA tell me my account has NOT been flagged as AP then why do I need to bother checking?

From feedback here, I wouldn't rely on a telephone conversation with customer services staff. They are not responsible for reporting your payment history to the CRAs.

Can you really not wait the 4 or 5 days it would take, IME, for a £2 credit report by post? You can order online. For links, see page 1 of the *How to obtain credit reports* sticky

oscar52

welshladinthecity wrote: »

I appreciate the £2 option, but that takes a few weeks

Last time I ordered my report online it was on my doorstep in three days.

WLITC

oscar52 wrote: »

Last time I ordered my report online it was on my doorstep in three days.

Ah right, I didn't realise it was that quick. Last time I did the £2 type hard copy of my credit file was years back and I'm sure it took something like 3-4 weeks. Okay, will find the link to order the £2 version online and get it just to be sure.

chattychappy

It's all very well telling the OP to do a credit check, but there can be a real lag before info gets updated there.

I'd still go for it, but the OP might have to repeat a couple of times to see the effect of his deal.

I'm guessing it would be marked as an "arrangement to pay". Their reassurances seem to be that because lower repayments have been agreed, the account won't be marked as late.

I'm curious about the OP's sudden need for new shoes! He does claim to be a "lad"...

CLAPTON

welshladinthecity wrote: »

Finally, another quick question. When they initially agreed this plan a few months back, they reduce my credit limit from £14.7k, to £14k but didn't say I couldn't use it, but on the new letter that arrived today is says not to try and use the card or credit card cheques as they have placed a temp restriction on the account. Prob is I desperately needed some new shoes yesterday (don't get paid until Tuesday) so I stuck it on the virgin card, it was only £20 tho. Obviously at the time I didn't know I shouldnt use it until I saw the letter. Is this likely to be a problem?

far more important is that you still consider it reasonable to over spend.

basically you have told your CC provider that you can't afford to pay off your current debt in accordance with the T&Cs you agreed and yet you are still increasing that debt.

YorkshireBoy

chattychappy wrote: »

It's all very well telling the OP to do a credit check, but there can be a real lag before info gets updated there.

The 'arrangement' has been running for 4 months now (see post #6). Ample time?

Robert_Sterling

You are operating very close to the edge.
I would be surprised if that does not reduce your credit score.